Bitcoin is back above $4,000

Bitcoin is back above $4,000 a coin on Wednesday, as the digital currency pars back losses.

Bitcoin fell below $4,000 late on Tuesday after a sensational rally on Sunday and Monday that saw the cryptocurrency break the $4,000 and $4,500 mark for the first time.

The digital currency was down as much as 4% against the dollar in early trade on Wednesday but is making up ground in mid-morning. Bitcoin is down 1.8% against the dollar to $4,079.55 at 12.30 p.m. BST (7.30 a.m. ET).
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Mati Greenspan, an analyst with trading platform eToro who follows the crypto space closely, says in his morning email: "This week we saw a massive surge in bitcoin that simply dominated the entire cryptocurrency market. Today, it seems we're experiencing a bit of a pullback.

"The is quite normal of course. Any asset that can surge 62% in a week and a half should also expect a sizeable retracement after such a run."